Food Technology Service, Inc. Reports Earnings
March 30 2011 - 10:02AM
Business Wire
Food Technology Service, Inc. (Nasdaq: VIFL) today announced
financial results for the year ending December 31, 2010. Food
Technology Service, Inc. had revenue of $3,010,320 in 2010 which is
a 19.6 percent increase over 2009 revenue of $2,515,978. The
Company had net income of $1,137,446 or $0.413 per share in 2010
compared to $698,358 or $0.253 per share in 2009. This is an
increase of approximately 62.9 percent. The Company has
periodically increased the estimated benefit of deferred tax
credits which can make comparisons to prior year operations
difficult. To facilitate such comparisons, the Company had income
before taxes of $1,094,946 in 2010 compared to income before taxes
of $559,358 in 2009. This is an increase of approximately 92.8
percent.
Revenue for the fourth quarter of 2010 was $771,991 compared to
$640,739 during the same period in 2009. This is an increase of
about 20.5 percent.
Food Technology Service, Inc. CEO Dr. Richard Hunter said, “This
year marks a revenue record for the Company. I am pleased by our
increased profitability and the fact that we have significant cash
reserves and no long term debt.” “I look forward to continuing
success in 2011,” said Hunter.
Food Technology Service, Inc. provides irradiation services for
food items, medical products and consumer goods to enhance the
safety of those products. The Company is certified to ISO
13485:2003 standards for radiation sterilization services for
medical devices.
Except for historical matters contained herein, the matters
discussed in this press release are forward-looking statements and
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect assumptions and involve risk and uncertainties
that may affect business and prospects and cause actual results to
differ materially from these forward-looking statements.
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